They made the same lame argument as Thornberg: we need a recession and major job losses to see price declines. The guy is an absolute idiot – prices are already down! The article said the median went down from $518K to $503K. So he just ignores that?
What about this joker Krueger? What “strong economic growth” is he talking about? Our only growth is construction and real estate selling and lending.
QUOTE
Despite the lack of affordability, G.U. Krueger, a housing economist in Irvine, said sound economic fundamentals will prevent the region’s home prices from dropping steeply.
“It is really hard for me to believe that home prices will drop dramatically when economic growth is still relatively good in San Diego,” Krueger said.